Giving notings in form 3cb-3cd point 18
This query is : Resolved
Sushant Mahajan
(Querist)
12 August 2013
Can anyone please tell me that in form 3CB-3CD Point no.18 that reads:
"Particulars of any payments made to persons specified under section 40A(2)(b)"
In this point, should we give details of all payments made to each person specified under this section or we should just give details of payments that are dissallowed as per this section .i.e. these are not allowable as expenses?
Please reply.
"Particulars of any payments made to persons specified under section 40A(2)(b)"
In this point, should we give details of all payments made to each person specified under this section or we should just give details of payments that are dissallowed as per this section .i.e. these are not allowable as expenses?
Please reply.
CA RICHA BADALIA
(Expert)
12 August 2013
In this annexure you have to give details of all the payments made to related parties which are in nature of expenditure.
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12 August 2013
Disclosure only is required. Power to disallow or not is rest with the AO.
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Sushant Mahajan
(Querist)
12 August 2013
Thank You Ms. Richa and Chakrapani Sir for your help.
Sushant Mahajan
(Querist)
12 August 2013
I have some more queries and it will be a great help if you could help me with that. The queries are:
1) Is form 3CB-3CD compulsory to be uplaoded for an audit under section 44AD also?
2) In form 3CB-3CD Point no.24 that reads:
"Particulars of each loan or deposit in any amount exceeding the limit specied in section 269SS taken or accepted during the previous year"
In this point, should we give details of all loans accepted during the year above Rs. 20000 or just give details of loans above Rs. 20000 accepted in cash during the said previous year? or in other words should details of all loans of above Rs. 20000 accepted by any mode during the year should be given or details of only loans disallowed as per section 269SS should be given?
1) Is form 3CB-3CD compulsory to be uplaoded for an audit under section 44AD also?
2) In form 3CB-3CD Point no.24 that reads:
"Particulars of each loan or deposit in any amount exceeding the limit specied in section 269SS taken or accepted during the previous year"
In this point, should we give details of all loans accepted during the year above Rs. 20000 or just give details of loans above Rs. 20000 accepted in cash during the said previous year? or in other words should details of all loans of above Rs. 20000 accepted by any mode during the year should be given or details of only loans disallowed as per section 269SS should be given?
12 August 2013
All loans more than or equal to Rs. 20,000/- accepted by any mode has to be disclosed. Answer to sub clause (v) will determine the mode. Here also only disclosure is warranted.
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Sushant Mahajan
(Querist)
12 August 2013
Thanks a tonne Sir.
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